Benzinga | Feb 2, 2021 05:32AM EST

Yandex.Taxi Announced Acquisition of Selected Assets of Vezet Group for $178M in Cash

Yandex (NASDAQ:YNDX) today announced that MLU B.V. ("MLU"), Yandex's ride-sharing and food delivery joint venture, has completed the acquisition of the call centers and cargo business of Vezet Group.

Current shareholders of Vezet Group will receive up to $178 million in cash, a significant part of which will be contingent on certain integration milestones. The agreement represents a narrower scope and revised financial terms compared to the previously announced July 2019 transaction, which the parties have agreed to terminate.

The transaction will allow MLU to ramp up the development of logistics services and enhance customer care across Russian regions.Vezet Group customers will continue to be able to order services by phone, as well as through the Yandex Go app, with its collection of ride-hailing, food and grocery delivery and logistics services, available in their region.

Drivers will be given the opportunity to migrate to Yandex Pro, Yandex's platform for ride-hailing and logistics partners, couriers and other professionals, and will be eligible to participate in support and educational programs offered by Yandex.

The parties anticipate that integration with the MLU platform will complete in the second quarter of 2021.